Insight & Analysis

Press release: Major global and Chinese tax and audit firms merge

Published: Jul 2019

11th July 2019 – RSM, the leading global network of audit, tax and consulting firms, has announced that its Chinese member firm Huapu Tianjian Certified Public Accountants (Huapu Tianjian) is finalising a merger with a significant part of a leading firm in China. The new combined organisation will rename to RSM China [容诚], strengthening the RSM brand and further increasing RSM’s client service expertise and scale in this critical economy.

With a combined workforce comprising 3,200 partners and employees across 15 offices, the new organisation will represent 40% growth on the current firm and cements RSM’s presence as a leading audit, tax and consulting provider in the Chinese market. The new team brings not only a strong client base and solid expertise in the Chinese IPO, M&A; and securities markets, but also in tax, consulting and risk advisory services, complementing RSM China and consolidating its position as a competitive accounting firm in China with comprehensive service capabilities.

The merger will represent the second stage of a wider and targeted growth strategy for RSM in China, which began with Huapu Tianjian joining the RSM network in December 2018 and is designed to further expand RSM’s extensive footprint and service offering across mainland China. New offices will be opened in Xiamen, Wuxi, Fuzhou, Nanning and Nanjing and international client service hubs will be based in Beijing, Shanghai, Shenzhen and Guangzhou.

Jean Stephens, CEO of RSM International said: “China is a crucial market for our clients who are increasingly looking for coordinated cross-border expertise that spans the globe. When Huapu Tianjian joined the RSM network, we were excited by their ambition and their client service approach. This merger is the next step in an ongoing growth strategy which will see RSM China achieve top ten status and prominence as a key player in the Chinese market”.

Houfa Xiao, Managing Partner of Huapu Tianjian commented: “Joining RSM has provided a platform for rapid growth. We have already climbed the rankings significantly and our short-term target is to join the top ten in China. With our new merger, as RSM China we will be even better placed to serve our national and international clients, and those of the wider RSM network looking to operate in the Chinese market. The new team brings strong expertise coupled with exceptional client service capabilities and we are excited to evolve our offering as a result.”

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